EBITDA(1) of $81.1 million on Sales of $527.6 million
Operating Cash Flow(1) of $1.08 per share
32% Return on Invested Capital
VANCOUVER, British Columbia, May 03, 2018 (GLOBE NEWSWIRE) -- INTERFOR CORPORATION (“Interfor” or the “Company”) (TSX:IFP) recorded net earnings in Q1’18 of $33.0 million, or $0.47 per share, compared to $36.2 million, or $0.52 per share in Q4’17 and $19.7 million, or $0.28 per share in Q1’17. Adjusted net earnings in Q1’18 were $36.8 million or $0.52 per share, compared to $45.1 million, or $0.64 per share in Q4’17 and $22.7 million, or $0.32 per share in Q1’17.
Adjusted EBITDA was $81.1 million on sales of $527.6 million in Q1’18 versus $89.5 million on sales of $532.8 million in Q4’17.
Notable items in the quarter included:
• Higher Lumber Prices
- The key benchmark prices improved quarter-over-quarter with the SYP Composite, Western SPF Composite and KD H-F Stud 2x4 9’ increasing by US$37, US$33 and US$63 per mfbm, respectively. Interfor’s average lumber selling price increased $38 from Q4’17 to a record $688 per mfbm.
• Increased Production/Reduced Shipments
- Total lumber production was 666 million board feet or 11 million board feet more than the prior quarter. Production in the U.S. South region increased to 302 million board feet from 296 million board feet in the preceding quarter. The B.C. and U.S. Northwest regions accounted for 218 million board feet and 146 million board feet, respectively, compared to 219 million board feet and 140 million board feet in Q4’17, respectively.
- Total lumber shipments were 648 million board feet, including agency and wholesale volumes, or 38 million board feet lower than Q4’17. This reduction was the result of industry-wide logistics issues, particularly due to weather-impacted rail constraints in B.C.
• Continued Financial Flexibility
- Net debt ended the quarter at $127.1 million, or 12.4% of invested capital, resulting in available liquidity of $444.6 million.
- Interfor generated $75.5 million of cash from operations before changes in working capital, or $1.08 per share. Total cash generated from operations was $18.5 million after considering an increase in working capital, including a $34.0 million increase in inventories, a $10.9 million increase in accounts receivable due primarily to higher lumber prices, and the payment of annual employee incentive compensation.
- Capital spending was $18.1 million on a mix of high-return discretionary, maintenance and woodlands projects.
• Softwood Lumber Duties
- Interfor expensed $12.9 million of duties in the quarter, representing the full amount of countervailing (“CV”) and anti-dumping (“AD”) duties incurred on its Canadian shipments of softwood lumber into the U.S. at a combined mandated final rate of 20.23%.
(1) Refer to Adjusted EBITDA and Operating cash flow per share in the Non-GAAP Measures section
Strategic Capital Plan
- Interfor continues to make progress on its multi-year strategic capital plan that involves a number of discretionary projects designed to capture the opportunities within its current operating platform and to pursue opportunities for further growth.
- The previously announced projects at the Company’s Meldrim and Monticello sawmills are on track for completion in Q1’19.
- The Company completed the installation of an autograding system at its Perry, Georgia sawmill in Q1’18.
- Other large capital projects to enhance existing operations are continuing to be advanced from an engineering and feasibility standpoint. In particular, the Company is refining plans for a series of substantial capital investment opportunities at three of its U.S. South sawmills. It is expected that these projects could be completed between 2019 and 2021. These projects will be subject to Board approval in the normal course.
- The greenfield sawmill opportunity in the Central Region of the U.S. South is in the final stages of assessment with a decision on the project expected by mid-2018.
Financial and Operating Highlights (1)
| For the three months ended | |||||||||||||||||||||
| Mar. 31 | Mar. 31 | Dec. 31 | |||||||||||||||||||
| Unit | 2018 | 2017 | 2017 | ||||||||||||||||||
| Financial Highlights(2) | |||||||||||||||||||||
| Total sales | $MM | 527.6 | 456.8 | 532.8 | |||||||||||||||||
| Lumber | $MM | 445.9 | 389.6 | 446.0 | |||||||||||||||||
| Logs, residual products and other | $MM | 81.7 | 67.2 | 86.8 | |||||||||||||||||
| Operating earnings | $MM | 46.5 | 30.4 | 47.9 | |||||||||||||||||
| Net earnings | $MM | 33.0 | 19.7 | 36.2 | |||||||||||||||||
| Net earnings per share, basic | $/share | 0.47 | 0.28 | 0.52 | |||||||||||||||||
| Adjusted net earnings(3) | $MM | 36.8 | 22.7 | 45.1 | |||||||||||||||||
| Adjusted net earnings per share, basic(3) | $/share | 0.52 | 0.32 | 0.64 | |||||||||||||||||
| Operating cash flow per share (before working capital changes)(3) | $/share | 1.08 | 0.85 | 1.19 | |||||||||||||||||
| Adjusted EBITDA(3) | $MM | 81.1 | 60.3 | 89.5 | |||||||||||||||||
| Adjusted EBITDA margin(3) | % | 15.4 | % | 13.2 | % | 16.8 | % | ||||||||||||||
| Total assets | $MM | 1,410.1 | 1,318.8 | 1,353.0 | |||||||||||||||||
| Total debt | $MM | 257.9 | 325.4 | 250.9 | |||||||||||||||||
| Net debt to invested capital(3) | % | 12.4 | % | 27.6 | % | 12.3 | % | ||||||||||||||
| Return on invested capital(3) | % | 32.4 | % | 22.0 | % | 36.4 | % | ||||||||||||||
| Operating Highlights | |||||||||||||||||||||
| Lumber production | million fbm | 666 | 640 | 655 | |||||||||||||||||
| Total lumber sales | million fbm | 648 | 645 | 686 | |||||||||||||||||
| Lumber sales - Interfor produced | million fbm | 635 | 624 | 666 | |||||||||||||||||
| Lumber sales - wholesale and commission | million fbm | 13 | 21 | 20 | |||||||||||||||||
| Lumber - average selling price(4) | $/thousand fbm | 688 | 604 | 650 | |||||||||||||||||
| Average USD/CAD exchange rate(5) | 1 USD in CAD | 1.2647 | 1.3238 | 1.2713 | |||||||||||||||||
| Closing USD/CAD exchange rate(5) | 1 USD in CAD | 1.2894 | 1.3322 | 1.2545 | |||||||||||||||||
| Notes: | |||
| (1) | Figures in this table may not equal or sum to figures presented elsewhere due to rounding. | ||
| (2) | Financial information presented for interim periods in this release is prepared in accordance with IFRS and is unaudited. | ||
| (3) | Refer to the Non-GAAP Measures section of this release for definitions and reconciliations of these measures to figures reported in the Company’s consolidated financial statements. | ||
| (4) | Gross sales before duties. | ||
| (5) | Based on Bank of Canada foreign exchange rates. | ||
Liquidity
Balance Sheet
Interfor maintained a strong financial position throughout Q1’18. Net debt at March 31, 2018 was $127.1 million, or 12.4% of invested capital, representing a decrease of $179.6 million from March 31, 2017, and an increase of $7.8 million from December 31, 2017. The majority of the increase in net debt in Q1’18 is as a result of the weakened Canadian Dollar against the U.S. Dollar as all debt held was denominated in U.S. Dollars.
| For the three months ended | |||||||||||
| Mar. 31, | Dec. 31, | Mar. 31, | |||||||||
| Thousands of Dollars | 2018 | 2017 | 2017 | ||||||||
| Net debt | |||||||||||
| Net debt, period opening, CAD | $ | 119,300 | $ | 177,787 | $ | 289,551 | |||||
| Net drawing (repayment) on credit facilities, CAD | (1 | ) | (1 | ) | 19,250 | ||||||
| Impact on U.S. Dollar denominated debt from (strengthening) weakening CAD | 6,981 | 1,301 | (2,704 | ) | |||||||
| Increase in cash and cash equivalents, CAD | 784 | (59,787 | ) | 579 | |||||||
| Net debt, period ending, CAD | $ | 127,064 | $ | 119,300 | $ | 306,676 | |||||
| Net debt components by currency | |||||||||||
| U.S. Dollar debt, period opening, USD | $ | 200,000 | $ | 200,000 | $ | 230,000 | |||||
| Net repayment on credit facilities, USD | - | - | 5,979 | ||||||||
| U.S. Dollar debt, period ending, USD | 200,000 | 200,000 | 235,979 | ||||||||
| Spot rate, period end | 1.2894 | 1.2545 | 1.3322 | ||||||||
| U.S. Dollar debt expressed in CAD | 257,880 | 250,900 | 314,371 | ||||||||
| Canadian Dollar debt, CAD | - | - | 4,987 | ||||||||
| Canadian Dollar operating line, CAD | - | - | 6,009 | ||||||||
| Total debt, CAD | 257,880 | 250,900 | 325,367 | ||||||||
| Cash and cash equivalents, CAD | (130,816 | ) | (131,600 | ) | (18,691 | ) | |||||
| Net debt, period ending, CAD | $ | 127,064 | $ | 119,300 | $ | 306,676 | |||||
As at March 31, 2018, the Company had net working capital of $316.0 million and available liquidity of $444.6 million, including cash and borrowing capacity on operating and term line facilities.
These resources, in addition to cash generated from operations, will be used to support capital expenditures, working capital requirements, and debt servicing commitments. We believe that Interfor will have sufficient liquidity to fund operating and capital requirements for the foreseeable future.
Capital Resources
The following table summarizes Interfor’s credit facilities and availability as of March 31, 2018:
| Revolving | Senior | U.S. | ||||||||||||||||||
| Operating | Term | Secured | Operating | |||||||||||||||||
| Thousands of Canadian Dollars | Line | Line | Notes | Line | Total | |||||||||||||||
| Available line of credit | $ | 65,000 | $ | 200,000 | $ | 257,880 | $ | 64,470 | $ | 587,350 | ||||||||||
| Maximum borrowing available | $ | 65,000 | $ | 200,000 | $ | 257,880 | $ | 64,470 | $ | 587,350 | ||||||||||
| Less: | ||||||||||||||||||||
| Drawings | - | - | 257,880 | - | 257,880 | |||||||||||||||
| Outstanding letters of credit included in line utilization | 12,168 | - | - | 3,172 | 15,340 | |||||||||||||||
| Unused portion of facility | $ | 52,832 | $ | 200,000 | $ | - | $ | 61,298 | 314,130 | |||||||||||
| Add: Unrestricted cash and cash equivalents | 130,453 | |||||||||||||||||||
| Available liquidity at March 31, 2018 | $ | 444,583 | ||||||||||||||||||
As of March 31, 2018, the Company had commitments for capital expenditures totaling $29.5 million.
Non-GAAP Measures
This release makes reference to the following non-GAAP measures: Adjusted net earnings, Adjusted net earnings per share, EBITDA, Adjusted EBITDA, Net debt to invested capital, Operating cash flow per share (before working capital changes) and Return on invested capital which are used by the Company and certain investors to evaluate operating performance and financial position. These non-GAAP measures do not have any standardized meaning prescribed by IFRS and are therefore unlikely to be comparable to similar measures presented by other issuers.
The following table provides a reconciliation of these non-GAAP measures to figures as reported in the Company’s unaudited interim consolidated financial statements prepared in accordance with IFRS:
| For the three months ended | ||||||||||||
| Mar. 31, | Mar. 31, | Dec. 31, | ||||||||||
| Thousands of Canadian Dollars except number of shares and per share amounts | 2018 | 2017 | 2017 | |||||||||
| Adjusted Net Earnings | ||||||||||||
| Net earnings | $ | 32,976 | $ | 19,667 | $ | 36,196 | ||||||
| Add: | ||||||||||||
| Restructuring costs and capital asset write-downs | 236 | 345 | 7,422 | |||||||||
| Other foreign exchange loss (gain) | (111 | ) | 181 | (412 | ) | |||||||
| Long term incentive compensation expense | 4,858 | 3,593 | 3,110 | |||||||||
| Other expense | 178 | 189 | 995 | |||||||||
| Post closure wind-down costs and losses | 4 | 8 | 5 | |||||||||
| Income tax effect of above adjustments | (1,374 | ) | (1,249 | ) | (2,260 | ) | ||||||
| Adjusted net earnings | $ | 36,767 | $ | 22,734 | $ | 45,056 | ||||||
| Weighted average number of shares - basic ('000) | 70,033 | 70,030 | 70,030 | |||||||||
| Adjusted net earnings per share | $ | 0.52 | $ | 0.32 | $ | 0.64 | ||||||
| Adjusted EBITDA | ||||||||||||
| Net earnings | $ | 32,976 | $ | 19,667 | $ | 36,196 | ||||||
| Add: | ||||||||||||
| Depreciation of plant and equipment | 20,068 | 19,603 | 19,217 | |||||||||
| Depletion and amortization of timber, roads and other | 9,417 | 6,297 | 11,879 | |||||||||
| Restructuring costs and capital asset write-downs | 236 | 345 | 7,422 | |||||||||
| Finance costs | 2,905 | 4,062 | 3,139 | |||||||||
| Other foreign exchange loss (gain) | (111 | ) | 181 | (412 | ) | |||||||
| Income tax expense | 10,533 | 6,320 | 7,968 | |||||||||
| EBITDA | 76,024 | 56,475 | 85,409 | |||||||||
| Add: | ||||||||||||
| Long term incentive compensation expense | 4,858 | 3,593 | 3,110 | |||||||||
| Other expense | 178 | 189 | 995 | |||||||||
| Post closure wind-down costs and losses | 4 | 8 | 5 | |||||||||
| Adjusted EBITDA | $ | 81,064 | $ | 60,265 | $ | 89,519 | ||||||
| Net debt to invested capital | ||||||||||||
| Net debt | ||||||||||||
| Total debt | $ | 257,880 | $ | 325,367 | $ | 250,900 | ||||||
| Cash and cash equivalents | (130,816 | ) | (18,691 | ) | (131,600 | ) | ||||||
| Total net debt | $ | 127,064 | $ | 306,676 | $ | 119,300 | ||||||
| Invested capital | ||||||||||||
| Net debt | $ | 127,064 | $ | 306,676 | $ | 119,300 | ||||||
| Shareholders' equity | 901,176 | 804,748 | 854,188 | |||||||||
| Total invested capital | $ | 1,028,240 | $ | 1,111,424 | $ | 973,488 | ||||||
| Net debt to invested capital(1) | 12.4 | % | 27.6 | % | 12.3 | % | ||||||
| Operating cash flow per share (before working capital changes) | ||||||||||||
| Cash provided by operating activities | $ | 18,511 | $ | 4,682 | $ | 86,749 | ||||||
| Cash used in (generated from) operating working capital | 56,973 | 55,033 | (3,332 | ) | ||||||||
| Operating cash flow (before working capital changes) | $ | 75,484 | $ | 59,715 | $ | 83,417 | ||||||
| Weighted average number of shares - basic ('000) | 70,033 | 70,030 | 70,030 | |||||||||
| Operating cash flow per share (before working capital changes) | $ | 1.08 | $ | 0.85 | $ | 1.19 | ||||||
| Return on invested capital | ||||||||||||
| Adjusted EBITDA | $ | 81,064 | $ | 60,265 | $ | 89,519 | ||||||
| Invested capital, beginning of period | $ | 973,488 | $ | 1,076,218 | $ | 995,463 | ||||||
| Invested capital, end of period | 1,028,240 | 1,111,424 | 973,488 | |||||||||
| Average invested capital | $ | 1,000,864 | $ | 1,093,821 | $ | 984,476 | ||||||
| Adjusted EBITDA divided by average invested capital | 8.1 | % | 5.5 | % | 9.1 | % | ||||||
| Annualization factor | 4.0 | 4.0 | 4.0 | |||||||||
| Return on invested capital | 32.4 | % | 22.0 | % | 36.4 | % | ||||||
| Notes: | |||
| (1) | Net debt to invested capital as of the period end. | ||
| CONDENSED CONSOLIDATED STATEMENTS OF EARNINGS | |||||||||||||
| For the three months ended March 31, 2018 and 2017 (unaudited) | |||||||||||||
| (thousands of Canadian Dollars except earnings per share) | Three Months | Three Months | |||||||||||
| Mar. 31, 2018 | Mar. 31, 2017 | ||||||||||||
| Sales Costs and expenses: | $ | 527,644 | $ | 456,780 | |||||||||
| Production | 419,582 | 384,077 | |||||||||||
| Selling and administration | 14,073 | 12,446 | |||||||||||
| Long term incentive compensation | 4,858 | 3,593 | |||||||||||
| U.S. countervailing and anti-dumping duty deposits | 12,929 | - | |||||||||||
| Depreciation of plant and equipment | 20,068 | 19,603 | |||||||||||
| Depletion and amortization of timber, roads and other | 9,417 | 6,297 | |||||||||||
| 480,927 | 426,016 | ||||||||||||
| Operating earnings before restructuring costs | 46,717 | 30,764 | |||||||||||
| Restructuring costs | 236 | 345 | |||||||||||
| Operating earnings | 46,481 | 30,419 | |||||||||||
| Finance costs | (2,905 | ) | (4,062 | ) | |||||||||
| Other foreign exchange gain (loss) | 111 | (181 | ) | ||||||||||
| Other expense | (178 | ) | (189 | ) | |||||||||
| (2,972 | ) | (4,432 | ) | ||||||||||
| Earnings before income taxes | 43,509 | 25,987 | |||||||||||
| Income tax expense: | |||||||||||||
| Current | 770 | 306 | |||||||||||
| Deferred | 9,763 | 6,014 | |||||||||||
| 10,533 | 6,320 | ||||||||||||
| Net earnings | $ | 32,976 | $ | 19,667 | |||||||||
| Net earnings per share, basic and diluted | $ | 0.47 | $ | 0.28 | |||||||||
| CONDENSED CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME | |||||||||||
| For the three months ended March 31, 2018 and 2017 (unaudited) | |||||||||||
| (thousands of Canadian Dollars) | Three Months | Three Months | |||||||||
| Mar. 31, 2018 | Mar. 31, 2017 | ||||||||||
| Net earnings | $ | 32,976 | $ | 19,667 | |||||||
| Other comprehensive income (loss): | |||||||||||
| Items that will not be recycled to Net earnings: | |||||||||||
| Defined benefit plan actuarial gain, net of tax | 885 | 824 | |||||||||
| Items that are or may be recycled to Net earnings: | |||||||||||
| Foreign currency translation differences for foreign operations, net of tax | 12,847 | (2,505 | ) | ||||||||
| Loss in fair value of interest rate swaps | - | (11 | ) | ||||||||
| Total items that are or may be recycled to Net earnings | 12,847 | (2,516 | ) | ||||||||
| Total other comprehensive income (loss), net of tax | 13,732 | (1,692 | ) | ||||||||
| Comprehensive income | $ | 46,708 | $ | 17,975 | |||||||
| CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS | |||||||||||||
| For the three months ended March 31, 2018 and 2017 (unaudited) | |||||||||||||
| (thousands of Canadian Dollars) | Three Months | Three Months | |||||||||||
| Mar. 31, 2018 | Mar. 31, 2017 | ||||||||||||
| Cash provided by (used in): Operating activities: | |||||||||||||
| Net earnings | $ | 32,976 | $ | 19,667 | |||||||||
| Items not involving cash: | |||||||||||||
| Depreciation of plant and equipment | 20,068 | 19,603 | |||||||||||
| Depletion and amortization of timber, roads and other | 9,417 | 6,297 | |||||||||||
| Income tax expense | 10,533 | 6,320 | |||||||||||
| Finance costs | 2,905 | 4,062 | |||||||||||
| Other assets | (295 | ) | (49 | ) | |||||||||
| Reforestation liability | 2,289 | 2,543 | |||||||||||
| Provisions and other liabilities | (2,842 | ) | 815 | ||||||||||
| Stock options | 137 | 106 | |||||||||||
| Write-down of intangibles | 219 | - | |||||||||||
| Unrealized foreign exchange gains and other | (101 | ) | (8 | ) | |||||||||
| Other expense | 178 | 359 | |||||||||||
| 75,484 | 59,715 | ||||||||||||
| Cash used in operating working capital: | |||||||||||||
| Trade accounts receivable and other | (10,896 | ) | (15,568 | ) | |||||||||
| Inventories | (34,037 | ) | (15,240 | ) | |||||||||
| Prepayments and other | (4,325 | ) | (2,784 | ) | |||||||||
| Trade accounts payable and accrued liabilities | (7,544 | ) | (21,150 | ) | |||||||||
| Income taxes paid | (171 | ) | (291 | ) | |||||||||
| 18,511 | 4,682 | ||||||||||||
| Investing activities: | |||||||||||||
| Additions to property, plant and equipment | (12,039 | ) | (12,743 | ) | |||||||||
| Additions to roads and bridges | (6,082 | ) | (7,102 | ) | |||||||||
| Additions to timber and other intangible assets | 13 | (834 | ) | ||||||||||
| Proceeds (costs) on disposal of property, plant and equipment | 109 | (25 | ) | ||||||||||
| Investments and other assets | (486 | ) | (117 | ) | |||||||||
| (18,485 | ) | (20,821 | ) | ||||||||||
| Financing activities: | |||||||||||||
| Issuance of share capital, net of expenses | 143 | - | |||||||||||
| Interest payments | (2,676 | ) | (3,542 | ) | |||||||||
| Debt refinancing costs | (1 | ) | (128 | ) | |||||||||
| Change in operating line components of long-term debt | (1 | ) | 40,853 | ||||||||||
| Additions to long term debt | - | 76,107 | |||||||||||
| Repayments of long term debt | - | (97,710 | ) | ||||||||||
| (2,535 | ) | 15,580 | |||||||||||
| Foreign exchange gain (loss) on cash and cash equivalents | |||||||||||||
| held in a foreign currency | 1,725 | (20 | ) | ||||||||||
| Decrease in cash and cash equivalents | (784 | ) | (579 | ) | |||||||||
| Cash and cash equivalents, beginning of period | 131,600 | 19,270 | |||||||||||
| Cash and cash equivalents, end of period | $ | 130,816 | $ | 18,691 | |||||||||
| CONDENSED CONSOLIDATED STATEMENTS OF FINANCIAL POSITION | |||||||||||
| March 31, 2018 and December 31, 2017 (unaudited) | |||||||||||
| (thousands of Canadian Dollars) | |||||||||||
| Mar. 31, 2018 | Dec. 31, 2017 | ||||||||||
| Assets Current assets: | |||||||||||
| Cash and cash equivalents | $ | 130,816 | $ | 131,600 | |||||||
| Trade accounts receivable and other | 124,310 | 112,470 | |||||||||
| Income taxes receivable | 917 | 1,289 | |||||||||
| Inventories | 201,070 | 165,156 | |||||||||
| Prepayments and other | 17,193 | 12,562 | |||||||||
| 474,306 | 423,077 | ||||||||||
| Employee future benefits | 1,577 | 502 | |||||||||
| Investments and other assets | 7,032 | 6,404 | |||||||||
| Property, plant and equipment | 673,912 | 670,830 | |||||||||
| Roads and bridges | 23,141 | 24,092 | |||||||||
| Timber licences | 65,968 | 66,589 | |||||||||
| Other intangible assets | 12,362 | 14,170 | |||||||||
| Goodwill | 150,809 | 147,081 | |||||||||
| Deferred income taxes | 976 | 251 | |||||||||
| $ | 1,410,083 | $ | 1,352,996 | ||||||||
| Liabilities and Shareholders’ Equity | |||||||||||
| Current liabilities: | |||||||||||
| Trade accounts payable and provisions | $ | 144,455 | $ | 152,854 | |||||||
| Reforestation liability | 13,526 | 12,873 | |||||||||
| Income taxes payable | 341 | 224 | |||||||||
| 158,322 | 165,951 | ||||||||||
| Reforestation liability | 29,965 | 27,535 | |||||||||
| Long term debt | 257,880 | 250,900 | |||||||||
| Employee future benefits | 8,234 | 8,249 | |||||||||
| Provisions and other liabilities | 24,122 | 26,976 | |||||||||
| Deferred income taxes | 30,384 | 19,197 | |||||||||
| Equity: | |||||||||||
| Share capital | 555,602 | 555,388 | |||||||||
| Contributed surplus | 8,648 | 8,582 | |||||||||
| Translation reserve | 53,567 | 40,720 | |||||||||
| Retained earnings | 283,359 | 249,498 | |||||||||
| 901,176 | 854,188 | ||||||||||
| $ | 1,410,083 | $ | 1,352,996 | ||||||||
Approved on behalf of the Board:
| “L. Sauder” | “D.W.G. Whitehead” | |
| Director | Director |
FORWARD-LOOKING STATEMENTS
This release contains information and statements that are forward-looking in nature, including, but not limited to, statements containing the words “believes”, “will”, “should”, “expects”, “annualized” and similar expressions. Such statements involve known and unknown risks and uncertainties that may cause Interfor’s actual results to be materially different from those expressed or implied by those forward-looking statements. Such risks and uncertainties include, among other things: price volatility, competition, availability and cost of log supply, natural or man-made disasters, currency exchange sensitivity, regulatory changes, allowable annual cut reductions, Aboriginal title and rights claims, potential countervailing and anti-dumping duties, stumpage fee variables and changes, environmental impact and performance, labour disruptions, cyber-security measures, and other factors referenced herein and in Interfor’s Annual Report available on www.sedar.com and www.interfor.com. The forward-looking information and statements contained in this release are based on Interfor’s current expectations and beliefs. Readers are cautioned not to place undue reliance on forward-looking information or statements. Interfor undertakes no obligation to update such forward-looking information or statements, except where required by law.
ABOUT INTERFOR
Interfor is a growth-oriented lumber company with operations in Canada and the United States. The Company has annual production capacity of approximately 3.1 billion board feet and offers one of the most diverse lines of lumber products to customers around the world. For more information about Interfor, visit our website at www.interfor.com.
The Company’s unaudited consolidated financial statements and Management’s Discussion and Analysis for Q1’18 are available at www.sedar.com and www.interfor.com.
There will be a conference call on Friday, May 4, 2018 at 8:00 a.m. (Pacific Time) hosted by INTERFOR CORPORATION for the purpose of reviewing the Company’s release of its first quarter 2018 financial results.
The dial-in number is 1-866-559-8291. The conference call will also be recorded for those unable to join in for the live discussion, and will be available until June 3, 2018. The number to call is 1-855-859-2056, Passcode 9897303.
For further information:
Martin L. Juravsky, Senior Vice President and Chief Financial Officer
(604) 689-6873